AMARILLO, Texas (KAMR/KCIT) – According to the most recent report from GasBuddy, gas prices in the Amarillo area fell 9.5 cents in the last week to reach an average of $2.97/gallon on Monday. Those prices were noted as 0.5 cents per gallon lower than a month ago and 62.4 cents per gallon lower than a year ago.

The cheapest station in the Amarillo area, said GasBuddy, was priced at $2.78/gallon on Sunday while the most expensive was $3.19/gallon, a difference of 41 cents. In Texas, the lowest price on Sunday was $2.59/gallon while the highest was recorded at $4.17/gallon, a difference of $1.58.

Nationally, the average price of gas fell 4.2 cents per gallon in the last week to reach an average of $3.40/gallon on Monday, up 4.3 cents from a month ago and down 82.9 cents from a year ago. Diesel prices also fell nationally in the last week, lowering 5.6 cents to stand at an average of $4.25/gallon.

Gas prices in areas neighboring Amarillo included:

• Lubbock- $2.90/gallon, down 11.8 cents per gallon from last week’s $3.02/gallon.
• Midland Odessa- $3.01/gallon, down 9.2 cents per gallon from last week’s $3.11/gallon.
• Oklahoma- $2.90/gallon, down 6.6 cents per gallon from last week’s $2.96/gallon.

“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long-lasting trend,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”